Feeling confused and a bit intimidated by the prospect of estate planning? That’s understandable as good estate planning can be complex.
Appointment of enduring guardian
When you appoint an Enduring Guardian you are designating someone to look after your residential and health care issues if you are not able to.
Enduring power of attorney
A power of attorney is a document which appoints a person to act on an individual‘s behalf in relation to the appointor’s property and financial affairs.
Family Provision Claims - Contesting a Will in New South Wales
In Australia, testamentary freedom (being able to give your estate to anyone under your Will) is balanced by laws that allow Courts to use their discretion and ensure that eligible persons are adequately provided for from the proceeds of the estate.
There are a number of ways that a Will can be challanged. Besides challenging the validity of a Will, in NSW, certain persons, categorised as eligible persons under the Succession Act 2006, can make what is called a Family Provision Claim if they have been left without adequate provision from a Deceased estate.
Living will/advanced health care directive
A so-called "Living Will", "Medical Direction", "Advanced Health Care Directive" or similar document by whatever name is a voluntary statement outlining the types and conditions of medical care that the person would prefer in a given situation prior to requiring that care. A person can also nominate one or a number of substitute decision-makers to make decisions on their own behalf.
Memorandum of wishes
By using this document you provide private detailed advice on how you want your Executor to administer your estate. These are a must-have if you have a complex estate or a family trust that you currently control.
Superannuation death benefit nominations
What you put in your superannuation death benefit nomination must be carefully considered as part of your estate plan. It should not be an automatic ‘form-filling’ process.
There is much more to estate planning than just a Will but it is perhaps the central document.